The non-bank servicer Mr. Cooper Group has partnered with Google Cloud to create a digital mortgage service platform designed to automate the loan documentation process.
Engineers and executives from both companies will work together to digitize Mr. Cooper’s core mortgage process and create a more personalized customer experience. The platform is powered by AI and machine learning to make it easy to create, distribute, sign, submit and review credit documentation.
According to Jay Bray, CEO of Cooper, access to the services and infrastructure of Google Cloud will help the company “enormously accelerate its development plans”
“Over the past decade, we’ve made significant investments in our service technology and core mortgage platform that have revolutionized the customer experience while significantly reducing operating costs. Our partnership with Google Cloud AI will build on these advances and help bring these technologies to the industry, ”said Bray.
In addition, Cooper has already developed a proprietary technology that includes more than 300 mortgage-specific machine learning models on Google Cloud’s AI platform. The technology classifies mortgage documents with greater than 90% accuracy and provides the ability to quickly train new document types. Ultimately, this gives team members faster access to information and integrated mortgage portfolios.
“The mortgage industry is a great example of how AI can unlock measurable business value and impact customer experience,” said Rajen Sheth, vice president, Google Cloud AI and Industry Solutions, Google Cloud. “The highly manual practices required in the mortgage process place a massive burden on business results and overall operational efficiency. We are excited to work with Mr. Cooper to develop solutions that will transform this process and make it easier for both industry and homeowners. “